Extended bumper to bumper - the usual snake oil?

[stoopid]

I purchased the extended bumper to bumper on my '14 2LS (V6). I'm thinking of cancelling the plan. The cost of the plan likely exceeds the costs to fix whatever breaks that isn't covered under the 36k bumper to bumper or 100k powertrain warranties. The math is usually in their favor, which is why these insurance plans exist.

What I'm curious about is the experience of the members here and if they would rate the Gen5 as reliable. Any cause to be concerned with using my Camaro as a daily driver, averaging 20k+ miles annually?

[J-vette]

Nope, it's like you said, the cost exceeds repairs. Plus as long as you follow service then you should be ok I think.

[christianchevell]

Reliability is the norm, and those extended warranties are garbage and start costing you money immediately and run concurrent with your warranty so the thing is actually costing you money as you read this so ditch it fast. A rip off they are as they do not start at the end of your warranty period, and seldom are worth squat except to the high pressure sales people who get to add that price onto the car and pad their commission.

[Angrybird 12]

Originally Posted by christianchevell

Reliability is the norm, and those extended warranties are garbage and start costing you money immediately and run concurrent with your warranty so the thing is actually costing you money as you read this so ditch it fast. A rip off they are as they do not start at the end of your warranty period, and seldom are worth squat except to the high pressure sales people who get to add that price onto the car and pad their commission.

Sorry but you are incorrect, they do not run concurrent with the existing warranty, that's why they are called EXTENDED WARRANTIES. When you buy the bumper to bumper extended warranty to equal your 100K power train warranty then it is additional time and miles are paying for, and it starts after your 3 year 36k warranty expires.
The cost of them paid with your loan is probably less than $2 a month, think of it like buying insurance on your car. How much a year do you pay out in car insurance and never use it? Should you cancel and take a chance? If you should have an AC issue, or a bad Mylink, or HUD or many other items that can break you could be paying big money out of pocket all at once. At least with the extended warranty you are not going to have to do that.
Either way you are taking a chance, it's the old Russian roulette game. You could lose either way.

[oldfriend]

In this case ,and by the information given by the OP ,it works like this
The extra warranty cost is only covering the time /miles after the 36 months/36k miles for the time/miles writing on the said contract , excluding the powertrain which is covered by the 5Y/100k manufacture warranty

[Chevy_cowboy]

If extended warranties weren't profitable, they wouldn't push them so hard... especially on a car know for its reliability like the Camaro.

[ratfinkharley]

Don't want to get you angry bird, but they do run concurrent. Example, if you still have 1 year left on a manufacturers warranty and buy a 5 year extended warranty, the "extended" coverage is only 4 years.

I recently bought two used Camaros and was offered these warranties. Tempting as it seemed, it was not worth it in my book. The cost was about $1800 for a 5 year which really only covered 4 or 3 in the case of one of the cars. Also in CT, there is a 60 day dealer warranty.

You can find cases that support whatever decision you make. If you buy one, the company is betting/hoping for no failures and you are betting the opposite. They are the house and will always have the advantage.

Read everything carefully and if you are like me, throw it out. Who needs warranties when you have this site for reference! I say that half jokingly. In the event something fails, somebody here has the solution and can guide you to fix a lot of things yourself.

[yellowrs]

NEVER EVER GET EXTENDED WARRANTY!

[oldfriend]

Originally Posted by Angrybird 12

Sorry but you are incorrect, they do not run concurrent with the existing warranty, that's why they are called EXTENDED WARRANTIES. When you buy the bumper to bumper extended warranty to equal your 100K power train warranty then it is additional time and miles are paying for, and it starts after your 3 year 36k warranty expires.
The cost of them paid with your loan is probably less than $2 a month, think of it like buying insurance on your car. How much a year do you pay out in car insurance and never use it? Should you cancel and take a chance? If you should have an AC issue, or a bad Mylink, or HUD or many other items that can break you could be paying big money out of pocket all at once. At least with the extended warranty you are not going to have to do that.
Either way you are taking a chance, it's the old Russian roulette game. You could lose either way.

I'm afraid that you are the one that is not right
They normally sell it as a extra time/miles warranty
Let's say a 5Y/60k miles warranty
The bigger the numbers they put on front of you , it makes it looks better
But in reality it only covers after the original GM warranty expired , because one is already covered by the 36/36 and by the 5y/100k powertrain
But the way you describe above it looks like one adds 5y to the original one
And that's not the case !

[Algeron]

Originally Posted by Comrando

Of course, it's only worth it if you keep the vehicle long enough.

This is the main point. If you plan on keeping the car for many years, then it "might" be a good idea depending on how much you drive it. If you are someone who buys a new or a certified preown every 3-4 years, then why bother.

[Angrybird 12]

Originally Posted by oldfriend

I'm afraid that you are the one that is not right
They normally sell it as a extra time/miles warranty
Let's say a 5Y/60k miles warranty
The bigger the numbers they put on front of you , it makes it looks better
But in reality it only covers after the original GM warranty expired , because one is already covered by the 36/36 and by the 5y/100k powertrain
But the way you describe above it looks like one adds 5y to the original one
And that's not the case !

Originally Posted by ratfinkharley

Don't want to get you angry bird, but they do run concurrent. Example, if you still have 1 year left on a manufacturers warranty and buy a 5 year extended warranty, the "extended" coverage is only 4 years.

I recently bought two used Camaros and was offered these warranties. Tempting as it seemed, it was not worth it in my book. The cost was about $1800 for a 5 year which really only covered 4 or 3 in the case of one of the cars. Also in CT, there is a 60 day dealer warranty.

You can find cases that support whatever decision you make. If you buy one, the company is betting/hoping for no failures and you are betting the opposite. They are the house and will always have the advantage.

Read everything carefully and if you are like me, throw it out. Who needs warranties when you have this site for reference! I say that half jokingly. In the event something fails, somebody here has the solution and can guide you to fix a lot of things yourself.

Please re read my post, remember we are talking about a new car at time of purchase, I never said anything about it adding 5 years on to the 3/36 BTB factory warranty. I said when you buy one to equal your 5/100 power train warranty. It starts after the 3/36 factory warranty expires and will only last for the 5/100 from the in service date just as your power train warranty does. In other words you are only paying to extend your bumper to bumper warranty out to the mileage on the extended warranty .

Buying one on a used car is different, you have to read the fine print on your contract before signing to understand how long they last.

[Mr_Draco]

Originally Posted by stoopid

I purchased the extended bumper to bumper on my '14 2LS (V6). I'm thinking of cancelling the plan. The cost of the plan likely exceeds the costs to fix whatever breaks that isn't covered under the 36k bumper to bumper or 100k powertrain warranties. The math is usually in their favor, which is why these insurance plans exist.

What I'm curious about is the experience of the members here and if they would rate the Gen5 as reliable. Any cause to be concerned with using my Camaro as a daily driver, averaging 20k+ miles annually?

Cancel the warranty and wait. If your car is prone to issues and you think you will use it then buy the extended warranty. Remember you do not have to buy the warranty when you first buy the car, you have until the warranty expires to buy one.

[ssrs2lt]

its purely situational; cost, length of ownership, and amount of use. you can wait buy one later, you build one for the loan length, you can challenge for a cheaper price. if you're not driving a lot and trade every 4 yrs skip it.. good luck.

[ratfinkharley]

You also have to consider if you mod what impact that will have on coverage.